Bird & Bird has advised Darwin Strategic Limited, a specialist subsidiary of Evolution Group plc focussed on the provision of equity finance facilities, on a £25m equity finance facility provided to Nighthawk Energy plc, an AIM-listed company focussing on oil and gas development and production in the US.
Equity finance facilities are an alternative form of equity finance designed to provide a listed company with fast and cost effective access to capital at a narrow discount to the prevailing market price by reference to the volume of secondary trading in its shares on the exchange upon which it is listed.
The Bird & Bird team was led by London-based Corporate partner Simon Allport, who also advised on Darwin’s formation and its first two equity facilities, which were provided to Provexis plc and Geong International Limited earlier in the year.
Simon Allport, Partner, Bird & Bird London, commented: "This is now Darwin’s third equity finance facility since April which is a great start for this new line of Evolution’s business. We are delighted that our in-depth understanding of the financial services arena has assisted Darwin in rolling out an alternative form of funding which operates well as an effective alternative to the more traditional forms of funding available to listed companies.”